Tag: weekly

It is clearly a sign of changing times: Silvio Berlusconi, the longest-serving prime minister of the Italian Republic, wants to fight, at the ripe age of 82, in the European parliamentary elections next May. He pledges to make sure that “Europeans don’t stray too far from Western values” and fall under “the domination of the Chinese empire whose convictions and values are opposed to our own.” China, of course, has nothing to do with Berlusconi’s real intentions; it’s just a device to attract att

It is clearly a sign of changing times: Silvio Berlusconi, the longest-serving prime minister of the Italian Republic, wants to fight, at the ripe age of 82, in the European parliamentary elections next May. He pledges to make sure that “Europeans don’t stray too far from Western values” and fall under “the domination of the Chinese empire whose convictions and values are opposed to our own.”

China, of course, has nothing to do with Berlusconi’s real intentions; it’s just a device to attract attention like a bandana he was sporting, after a hair transplant operation, at his spectacularly beautiful Villa Certosa in Sardinia, when he was hosting the then-British Prime Minister Tony Blair in the spring of 2004.

Berlusconi sees that the Italian governing coalition party M5S, with its polls down to 25.4 percent, is losing ground. He, therefore, wants to boost the chances of his right-of-center Forza Italia to take its place alongside his increasingly popular allies of the Northern League, currently polling at 36 percent.

The Chinese have nothing to fear because here is what the other Italy — the one that works — is doing: Last Monday, Italy’s low-cost airline Neos Air launched its weekly service from Milan to Guiyang in China’s Guizhou Province to serve the rising flows of tourism and other economic exchanges.

Spot palladium had risen 1 percent to $1,410.50 per ounce by 0337 GMT, having hit an all-time high of $1,434.50 on Thursday. The metal is on track to climb for a fourth week in its strongest weekly gain since the week ending Sept. 21. The price of palladium, used mainly in emissions-reducing catalysts for vehicles, is up nearly 70 percent since a low marked in mid-August. Prices for the metal overtook gold for the first time in 16 years early in December. Spot gold was steady at $1,292 per ounce

Palladium held above $1,400 an ounce on Friday after surging to record levels in the previous session on tight supplies and robust demand, while gold stood firm amid uncertainty around the partial U.S. government shutdown.

Spot palladium had risen 1 percent to $1,410.50 per ounce by 0337 GMT, having hit an all-time high of $1,434.50 on Thursday. The metal is on track to climb for a fourth week in its strongest weekly gain since the week ending Sept. 21. It has risen around 12 percent so far this month.

The price of palladium, used mainly in emissions-reducing catalysts for vehicles, is up nearly 70 percent since a low marked in mid-August. Prices for the metal overtook gold for the first time in 16 years early in December.

“This is the eighth consecutive year where palladium is going to be in deficit and there are no signs that it is going to go away,” said Dominic Schnider, head of commodities and APAC forex at UBS Wealth Management in Hong Kong.

“The question people need to ask here is how long it would take for the car manufacturers to switch to platinum, which is trading around $800.”

Holdings in palladium exchange-traded funds (ETFs) tracked by Reuters have nearly halved from January last year as people took delivery and sold or gave the metal for lease due to insufficient supplies, traders and analysts said.

Spot gold was steady at $1,292 per ounce, while U.S. gold futures were firm at $1,291.60 per ounce.

“Uncertainties around the U.S.-China trade war and the U.S. government shutdown are supporting gold prices,” said Brian Lan, managing director at dealer GoldSilver Central in Singapore.

“Also, the U.S. dollar did not react to conflicting reports about the removal of tariffs on Chinese goods, which is also leading to lack of movement in gold.”

A Wall Street Journal report on Thursday that U.S. Treasury Secretary Steven Mnuchin had considered easing tariff imposed on Chinese imports lifted broad market sentiment, although a Treasury spokesman later denied the report.

Spot gold was set for its fifth straight weekly gain, also supported by expectations that the U.S. Federal Reserve may not raise interest rates this year and uncertainties around Brexit.

“(Gold) does need a trigger to spark it upwards, either in the way of a weaker dollar, renewed stumbles in U.S. equities or clearer indications of slowing U.S. growth,” said INTL FCStone analyst Edward Meir.

Spot gold is due for a sharp move, as its consolidation within a neutral range of $1,285-$1,299 per ounce is ending, according to Reuters technical analyst Wang Tao.

In other metals, platinum rose 0.3 percent to $807.50 an ounce, while silver was steady at $15.53.

The number of Americans filing applications for jobless benefits unexpectedly fell last week, pointing to sustained labor market strength that should continue to underpin the economy. Initial claims for state unemployment benefits decreased 3,000 to a seasonally adjusted 213,000 for the week ended Jan. 12, the Labor Department said on Thursday. The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, slipped 1,000

The number of Americans filing applications for jobless benefits unexpectedly fell last week, pointing to sustained labor market strength that should continue to underpin the economy.

Initial claims for state unemployment benefits decreased 3,000 to a seasonally adjusted 213,000 for the week ended Jan. 12, the Labor Department said on Thursday. Data for the prior week was unrevised.

Economists polled by Reuters had forecast claims rising to 220,000 in the latest week. The Labor Department said only claims for West Virginia were estimated last week.

The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, slipped 1,000 to 220,750 last week.

The claims data covered the survey period for the nonfarm payrolls portion of January’s employment report.

The four-week average of claims fell 2,000 between the December and January survey periods. While that would suggest little change in labor market conditions after the economy created 312,000 jobs in December, an ongoing partial shutdown of the federal government raises the risk of a drop in payrolls.

Some 800,000 government workers missed their first paycheck last Friday because of the partial shutdown, which started on Dec. 22.

The pay period for most federal employees that includes the week of Jan. 12 runs from Jan. 6 to Jan. 19. About 380,000 workers have been furloughed, while the rest are working without pay. Furloughed workers will probably be counted as unemployed.

Private contractors working for many government agencies are also without pay. The Trump administration has been recalling some employees to work without pay in an effort to minimize the effects of the shutdown.

The longest government shutdown in history has delayed the release of economic data compiled by the Commerce Department’s Bureau of Economic Analysis and Census Bureau, including the housing starts and building permits report, which was scheduled for release on Thursday.

Here’s why one trader thinks PayPal’s about to break out 15 Hours Ago | 03:41PayPal shares are about to pay up, said TradingAnalysis.com founder Todd Gordon, who believes the stock is headed for uncharted territory. On a weekly chart of PayPal, Gordon points out that he sees a “beautiful uptrend” in the stock, which has shown “amazing relative strength” amid a very volatile market. And on a daily chart of PayPal, Gordon indicates that the stock is breaking through resistance at $89 and “should b

PayPal shares are about to pay up, said TradingAnalysis.com founder Todd Gordon, who believes the stock is headed for uncharted territory.

Shares of the mobile payment provider are up more than 8 percent to start the year and are within spitting distance of their all-time high.

“The stock’s been acting extremely well on a volatile tape here in the last several months, and it looks like we’re set to move above resistance,” he said Tuesday on CNBC’s”Trading Nation.”

On a weekly chart of PayPal, Gordon points out that he sees a “beautiful uptrend” in the stock, which has shown “amazing relative strength” amid a very volatile market. Shares are up nearly 20 percent since the markets bottomed out on Dec. 24.

And on a daily chart of PayPal, Gordon indicates that the stock is breaking through resistance at $89 and “should be able to continue higher into the $100 region.”

Given that the company is set to report earnings on Feb. 1, Gordon wants to sell a put spread going into the event, thanks to the heightened implied volatility, or the price of options, in the stock. Gordon suggests selling the Feb. 1 weekly 92-strike put and buying the Feb. 1 weekly 88-strike put for a $1.61 credit.

Since Gordon is taking in $1.61 on the put spread, if PayPal rallies and closes above $92 on Feb. 1 expiration, he would make the $161 credit on the trade. But if PayPal were to close below $88, then he would lose up to around $240 on the trade.

Spot gold rose 0.4 percent to $1,290.84 per ounce as at 0310 GMT, heading for a fourth straight weekly gain. U.S. gold futures were up 0.3 percent at $1,290.8 per ounce. “The weaker dollar and a more dovish Fed are the two most alluring factors for gold,” said Stephen Innes, APAC trading head at OANDA. “The (gold) market is holding back a little as they are concerned the equity market could rally significantly on trade war truce,” Innes said. Palladium 0.4 percent to $1,326.75 per ounce, and was

Gold prices climbed on Friday as the dollar fell back on expectations the U.S. central bank may pause interest rates hikes if the U.S. economy slows this year, while investors awaited news on progress in the Sino-U.S. trade talks.

Spot gold rose 0.4 percent to $1,290.84 per ounce as at 0310 GMT, heading for a fourth straight weekly gain. The yellow metal is up 0.4 percent so far this week.

U.S. gold futures were up 0.3 percent at $1,290.8 per ounce.

“The weaker dollar and a more dovish Fed are the two most alluring factors for gold,” said Stephen Innes, APAC trading head at OANDA.

“There are concerns for the U.S. economy to slow down, perhaps towards the end of 2019 and into 2020, so the markets are pricing rate cuts.”

The dollar slipped against other major currencies, after having rebounded from three-month lows on Thursday following Federal Reserve Chairman Jerome Powell’s comment which suggested the central bank is not done tightening monetary policy just yet.

A partial U.S. government shutdown extended into its 20th day and provided little comfort to the U.S. currency, after President Donald Trump threatened on Thursday to use emergency powers to bypass U.S. Congress to pay for a wall on the U.S.-Mexico border.

“The (gold) market is holding back a little as they are concerned the equity market could rally significantly on trade war truce,” Innes said.

Asian equities inched up to one-month highs, but the rally’s momentum slowed partly as investors sought more clarity on whether the United States and China could make headways on their talks on trade as well as intellectual property rights.

“Once trade issues are resolved, the dollar is likely to remain suppressed, losing its appeal as a safe haven…Gold on the other hand would stand to benefit.”

Also aiding gold’s upward trend are concerns of weakening global growth, further emphasized by somber data out of Switzerland and France on Thursday.

“Gold will likely approach the short term resistance of $1,310 per ounce, from where some profit-booking can be seen,” said Religare Broking’s Sachdeva, adding that near term support can be seen at $1,275 per ounce.

Spot gold is expected to retest a resistance at $1,299 per ounce, with a good chance of breaking above this level and rising further to $1,311, according to Reuters technical analyst Wang Tao.

Palladium 0.4 percent to $1,326.75 per ounce, and was up about 2 percent for the week.

Silver climbed 0.6 percent to $15.65. However, it was poised to snap three sessions of weekly gains.

U.S. West Texas Intermediate (WTI) crude futures dropped 7 cents, or 0.1 percent, to $52.52 per barrel. Despite Friday’s price falls, Brent and WTI are set for weekly gains of more than 7 and 8 percent respectively. A key reason for the emerging glut was the United States where crude oil production soared by more than 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd. Consultancy JBC Energy this week said it was likely that U.S. crude oil production was already “significantly

Traders said the declines came on lingering concerns over the health of the global economy.

“If we experience an economic slowdown, crude will underperform due to its correlation to growth,” said Hue Frame, portfolio manager at Frame Funds in Sydney.

Most analysts have downgraded their global economic growth forecasts below 3 percent for 2019, with some even fearing a looming recession amid trade disputes and spiralling debt.

For now, however, there is hope that the trade war between Washington and Beijing may be resolved as global markets, including oil, took heart from talks between the two sides this week.

Despite Friday’s price falls, Brent and WTI are set for weekly gains of more than 7 and 8 percent respectively.

Beyond global economics, oil markets are receiving support from supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at reining in a glut that emerged in the second-half of 2018.

A key reason for the emerging glut was the United States where crude oil production soared by more than 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd.

Consultancy JBC Energy this week said it was likely that U.S. crude oil production was already “significantly above 12 million bpd” by January 2019.

Given the overall supply and demand balance, Swiss bank Julius Baer said it was “price neutral” in its oil forecast.

“We see the oil market as well balanced into the foreseeable future, as the petro-nations make space for further U.S. shale production growth,” said Norbert Ruecker, head of commodity research at the bank.

Tech continues to change the way we consume and interact with sports. Viewers are now able to watch through more multiple platforms and screens, players are able to connect better with fans through social media and television networks fight for the rights to broadcast these games. All of this as sports gambling in a few more states across the country. Jon Fortt speaks with NFL Champion Joe Theismann about how technology is changing the business of branding a superstar sports figure and the way p

Viewers are now able to watch through more multiple platforms and screens, players are able to connect better with fans through social media and television networks fight for the rights to broadcast these games.

All of this as sports gambling in a few more states across the country. So where does the industry go from here?

Jon Fortt speaks with NFL Champion Joe Theismann about how technology is changing the business of branding a superstar sports figure and the way people watch sporting events.

Fortt Knox is a weekly podcast from CNBC anchor Jon Fortt . Previous episodes of the program can be found here.

The combination of lower mortgage rates and an unusually slow end to 2018 caused mortgage applications to surge to start this year. A sharp drop in interest rates to the lowest level since April sparked a mini-boom in refinancing. Mortgage applications to purchase a home also jumped 17 percent last week but were just 4 percent higher than a year ago. “Stock prices and interest rates moved lower together for the better part of 2 months. While that would be great news for stock market investors, i

The combination of lower mortgage rates and an unusually slow end to 2018 caused mortgage applications to surge to start this year.

Overall volume jumped 23.5 percent last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. An adjustment was also made for the New Year’s Day holiday. Volume was still 9 percent lower than a year ago.

A sharp drop in interest rates to the lowest level since April sparked a mini-boom in refinancing. Those applications surged 35 percent week-to-week to their highest level since July. Volume was still lower by nearly 22 percent than a year ago, when the average rate on the 30-year fixed mortgage was 51 basis points lower.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to 4.74 percent, from 4.84 percent, with points increasing to 0.47 from 0.42 (including the origination fee) for loans with a 20 percent down payment. The rate is 22 basis points lower than four weeks ago.

“Mortgage rates fell across the board last week and applications rebounded sharply, after what was a slower than usual holiday period” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “This drop in rates spurred a flurry of refinance activity — particularly for borrowers with larger loans — and pushed the average loan size on refinance applications to the highest in the survey (at $339,800).”

Mortgage applications to purchase a home also jumped 17 percent last week but were just 4 percent higher than a year ago. Buyers returning to the market after the holidays may have been inspired by the drop in rates, but stock market volatility and the government shutdown could keep some of those applications from closing.

Just over 10 percent of real estate agents surveyed by the National Association of Realtors said the shutdown was having an impact on their clients. Some reported government employees pulling out of purchase offers and others being denied loans due to loss of income. Some reported nongovernment employees changing their minds on purchases due to overall concern and uncertainty about the economy.

“The housing industry was already facing market challenges before any government closure,” NAR chief economist Lawrence Yun said in a release. “The shutdown has made matters worse. A home purchase is a major expenditure that simultaneously involves a high level of excitement and anxiety, and the current government shutdown adds another layer of unnecessary complication to the home buying process.”

Mortgage rates made a U-turn to start this week, however, now at the highest level since Dec. 31.

“While it’s only 3 days of weakness in the mortgage market, the concern is that it could be part of a much larger market trend,” wrote Matthew Graham, chief operating officer at Mortgage News Daily. “Stock prices and interest rates moved lower together for the better part of 2 months. The risk is that we’re only in the early phase of a bigger correction. While that would be great news for stock market investors, it would be less pleasant for those with a vested interest in lower mortgage rates.”

The number of Americans filing applications for jobless benefits increased more than expected last week, but the underlying trend continued to point to labor market strength despite ongoing financial market volatility. Initial claims for state unemployment benefits rose 10,000 to a seasonally adjusted 231,000 for the week ended Dec. 29, the Labor Department said on Thursday. Data on claims filed by federal employees is released with a one-week lag. Claims data tends to be noisy around year-end h

The number of Americans filing applications for jobless benefits increased more than expected last week, but the underlying trend continued to point to labor market strength despite ongoing financial market volatility.

Initial claims for state unemployment benefits rose 10,000 to a seasonally adjusted 231,000 for the week ended Dec. 29, the Labor Department said on Thursday. Data for the prior week was revised higher to show 5,000 more applications received than previously reported.

Economists polled by Reuters had forecast claims increasing to 220,000 in the latest week.

The Labor Department said claims for California and Virginia were estimated last week. Unadjusted claims for both of those states declined last week.

A Labor department official said there was no indication of an increase in filings last week from federal workers furloughed because of a partial shutdown of the government that is now in its second week.

Data on claims filed by federal employees is released with a one-week lag. The shutdown, which started on Dec. 22, was triggered by President Donald Trump’s demand for $5 billion in border wall funding.

Some 800,000 employees from the Departments of Homeland Security, Transportation, Commerce and others have been furloughed or are working without pay.

Claims data tends to be noisy around year-end holidays. The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, slipped 500 to 218,750 last week.

Last week’s claims data has no bearing on December’s employment report which is scheduled for release on Friday as it falls outside the survey period.

Spot gold was down marginally at $1,259.16 per ounce, as of 0417 GMT, after jumping more than 1 percent in the previous session. “A depreciating dollar coupled with expectations of fewer rate hikes in 2019 remain the primary factors supporting spot gold prices,” said Lukman Otunuga, a research analyst with FXTM. The dollar’s weakness against its Japanese peer has parked gold in “a perfect spot” for investors, Innes added. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, sai

Gold prices steadied on Friday, holding firm near a six-month high struck in the previous session, as the dollar remained under pressure due to a subdued outlook towards U.S. interest rates and the economy, and investors shunned risky assets.

Spot gold was down marginally at $1,259.16 per ounce, as of 0417 GMT, after jumping more than 1 percent in the previous session. The precious metal hit a high of $1,266.4 on Thursday, a level last seen on June 26.

The bullion has gained about 1.7 percent so far this week, in what would be its second weekly gain in three.

U.S. gold futures declined 0.4 percent to $1,263.3 per ounce on Friday.

“The U.S. Federal Reserve’s failure to reassure investors that they understand the risks across global markets is seen fuelling appetite for safe-haven gold in the short- to medium-term.”

The Fed’s commitment on Wednesday to retain the core of its plan to tighten monetary policy, despite rising uncertainty about global economic growth, rattled stock markets and pressured the dollar, making the U.S. currency-denominated gold more appealing for non-U.S. investors.

“Traders expect risk sentiment to remain on very wobbly conditions entering the new year,” said Stephen Innes, APAC trading head at OANDA in Singapore.

The dollar’s weakness against its Japanese peer has parked gold in “a perfect spot” for investors, Innes added.

Global stocks continued their slide on Friday as the threat of a U.S. government shutdown and of further hikes in U.S. borrowing costs fanned investor unease over the economic outlook.

U.S. President Donald Trump’s refusal to sign a legislation to fund the government unless he gets money for a border wall, spooked investors, thus risking a partial federal shutdown on Saturday.

“With volatile equity markets accelerating the flight to safety, gold is likely to remain supported for the rest of 2018,” FXTM’s Otunuga said.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.34 percent to 769.14 tonnes on Thursday.

Among other precious metals, palladium fell 0.3 percent to $1,260.50 per ounce, but was up 2 percent for the week in what would be its fourth consecutive weekly gain.

Silver fell 0.1 percent to $14.75 per ounce, but has gained 1 percent so far in the week.

Platinum fell 0.1 percent to $792.80 per ounce but was headed for its weekly gain for the first time in seven.